The Angelos family on Monday formally announced their intent to sell the Baltimore Orioles to a group of private equity billionaires led by David Rubenstein and others, including Hall of Famer and lifelong Oriole Cal Ripken Jr., for $1.725 billion.

Rubenstein, co-founder and co-chairman of the Carlyle Group, will become the controlling owner of the Orioles upon the close of the transaction. The Angelos family will continue to hold a sizable investment in the Orioles, and John Angelos will serve as senior advisor to the organization.

Major League Baseball still must approve the sale. The owners are scheduled to meet next week in Orlando, Fla.

“When I took on the role of Chair and CEO of the Orioles, we had the objective of restoring the franchise to elite status in major league sports, keeping the team in Baltimore for years to come, and revitalizing our partnership group,” Angelos said in a statement. “This relationship with David Rubenstein and his partners validates that we have not only met but exceeded our goals.”

Puck News reported earlier in the week that the group will start off owning roughly 40 percent of the club. When John Angelos’ 94-year-old father Peter Angelos dies, Rubenstein and Michael Arougheti will buy up the remaining 60 percent.

Rubenstein is joined in the investment by Arougheti, co-founder and Chief Executive Officer of Ares Management; Mitchell Goldstein and Michael Smith, co-heads of the Ares Credit Group; Kurt Schmoke, former Baltimore mayor; Grant Hill, NBA Hall of Famer; and Mike Bloomberg, entrepreneur and philanthropist, among others.

“I am grateful to the Angelos family for the opportunity to join the team I have been a fan of my entire life,” Rubenstein said in the release. “I look forward to working with all the Orioles owners, players and staff to build upon the incredible success the team has achieved in recent seasons. Our collective goal will be to bring a World Series Trophy back to the City of Baltimore.”

–Field Level Media